S-31.1 - Business Corporations Act

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377. As soon as a corporation takes the action approved by a resolution giving rise to the right to demand a repurchase of shares, it must give notice to all shareholders who informed the corporation of their intention to exercise that right.
The repurchase notice must mention the repurchase price offered by the corporation for the shares held by each shareholder and explain how the price was determined.
If the corporation is unable to pay the full redemption price offered because there are reasonable grounds for believing that it is or would be unable to pay its liabilities as they become due, the repurchase notice must mention that fact and indicate the maximum amount of the price offered the corporation will legally be able to pay.
2009, c. 52, s. 377.